SHE:002660 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Net Income	-234.3	67.48	76.57	84.93	66.53
Depreciation & Amortization	49.32	43.6	39.6	42.13	39.8
Other Amortization	6.51	5.96	5.69	5.54	3.29
Loss (Gain) From Sale of Assets	-0.15	-4.43	0.01	-1.41	0.23
Asset Writedown & Restructuring Costs	26.38	0.35	5.74	2.89	0.43
Loss (Gain) From Sale of Investments	-7.86	-9.3	5.84	12.62	-9.37
Provision & Write-off of Bad Debts	7.5	0.85	-4.28	-1.48	0.53
Other Operating Activities	39.37	-6.99	4.7	23.86	11.58
Change in Accounts Receivable	108.91	-119.88	-105.64	93.46	-132.71
Change in Inventory	-17.65	-19.19	42.6	26.21	-90.7
Change in Accounts Payable	80.22	95.57	-176.78	-110.78	116.05
Operating Cash Flow	32.07	42.2	-104.86	173.56	10.44
Operating Cash Flow Growth	-24.00%	-	-	1561.89%	-78.11%
Capital Expenditures	-37.49	-23.54	-46.57	-22.53	-22.3
Sale of Property, Plant & Equipment	11.66	-	0.71	7.15	1.84
Investment in Securities	-121.75	-77.42	-	7.12	18.51
Other Investing Activities	7.01	8.07	7.39	10.45	5.42
Investing Cash Flow	-140.57	-92.89	-38.47	2.18	3.73
Short-Term Debt Issued	70	66	49.8	19.99	395.87
Total Debt Issued	70	66	49.8	19.99	395.87
Short-Term Debt Repaid	-71	-50	-20.2	-255.99	-510.71
Long-Term Debt Repaid	-14.91	-14.16	-11.29	-12.93	-8.15
Total Debt Repaid	-85.91	-64.16	-31.49	-268.92	-518.87
Net Debt Issued (Repaid)	-15.91	1.84	18.31	-248.93	-122.99
Issuance of Common Stock	-	-	-	454.76	-
Common Dividends Paid	-36.04	-36.87	-35.86	-7.03	-8.01
Other Financing Activities	-	-	24	-0.71	115.66
Financing Cash Flow	-51.94	-35.04	6.45	198.09	-15.35
Foreign Exchange Rate Adjustments	-1.68	1.84	-1.04	3.89	-2.59
Net Cash Flow	-162.12	-83.88	-137.92	377.72	-3.77
Free Cash Flow	-5.41	18.66	-151.43	151.03	-11.86
Free Cash Flow Margin	-0.44%	1.44%	-11.40%	9.79%	-0.73%
Free Cash Flow Per Share	-0.01	0.05	-0.41	0.48	-0.04
Cash Income Tax Paid	-1.6	-9.74	-39.19	-27.57	-48.83
Levered Free Cash Flow	114.32	22.51	-33.95	114.26	23.19
Unlevered Free Cash Flow	115.01	24.01	-32.96	120.48	29.97
Change in Working Capital	145.29	-55.33	-238.72	4.47	-102.57

Source: S&P Global Market Intelligence. Standard template. Financial Sources.